Crocs grows revenue but misses on earnings for Q4

NIWOT — Crocs Inc. (Nasdaq: CROX) posted a fourth quarter loss per share of $1.72. It’s a significant increase over the footwear company’s net loss per share for the fourth quarter of 2017, which was 41 cents per share.

Net loss for the fourth quarter of 2018 was $118.7 million. The company lost $28.3 million for the fourth quarter of 2017. Much of that increased loss year-over-year stems from non-recurring transactions.

Revenue was nearly $216 million, an 8.5 percent increase over the same period the year prior. Revenue beat analyst expectations by $2.81 million.

SPONSORED CONTENT

Business Cares: May 2024

As Mental Health Awareness Month unfolds in Colorado, it serves as a reminder of the collective responsibility to prioritize mental well-being.

“Our fourth quarter results contributed to what was a very successful year,” CEO Andrew Rees said in a prepared statement. “We had record revenues in many key markets, with the U.S. market leading the way.”

For the full-year of 2018, revenue was $1.09 billion, a 6.3 percent increase over 2017. Store closures and business model changes reduced revenue by about $60 million.

Rees added that he expects revenue in 2019 to be 5 to 7 percent more than 2018 revenue of $1.09 billion. However, the company anticipates 2019 revenues to be negatively impacted by $20 million due to store closures and $20 million due to currency changes. For the first quarter of 2019, Crocs said it expects revenue to be between $280 million and $290 million, compared to $283.1 million in the first quarter of 2018. Revenue will be negatively impacted by about $6 million due to store closures and $10 million due to currency changes. Revenue is also expected to be impacted by strong demand in the fourth quarter of 2018, which constricted inventory.

Earlier this month, Crocs announced it was relocating its headquarters to Broomfield.